Wiring Harness News WHN Sept-Oct 2020 WHN Sep-Oct 2020 - Page 8

8 SEPTEMBER/OCTOBER 2020 Wiring Harness News INDUSTRIAL INFO-TAINMENT 4 Ways Industrial Manufacturing Companies Can Recover from COVID-19 Continued from page 1_____________ important for a company to understand the needs of their customers. It’s equally important for customers to believe that their suppliers care about them and that they are interested in understanding and improving changing situations. Manufacturers have been forced to move from a position of, “We sell these products” to “What are the needs of my marketplace?” 2. Get New Suppliers Prior to the disruption caused by the pandemic, industrial companies in the U.S. were heavily reliant on overseas suppliers. Many companies had ruled out buying from domestic vendors because they could get products from an overseas supplier at a better price. This is no longer a valid assumption as these supply chains have broken and the overseas reliance has shifted. This creates an opportunity for U.S.-based component manufacturers that previously were not able to compete. Buyers are now starting to consider domestic suppliers as a back-up, or even a preference, to those overseas. 3. Evolve Your Go-to-Market Strategies As changes unfold in the manufacturing space, go-to-market strategies have to adapt. Some companies have repurposed their salesforce, others are re-tooling their processes to adapt their products for new applications. This is opening up new markets, whether they are complementary, supplemental, or brand new. Big changes to marketing strategy also necessitate changes to value propositions. If a company starts making new products, supplying different customers with U.S.-built components, or selling into a brand-new market, their messaging and value propositions need to be updated to reflect changes. Additionally, buyers in the industrial manufacturing sector have changed their behavior. They’re not going to trade shows. They’re not allowing a salesperson in the door. Without events and sales calls, companies have to consider alternative ways to engage buyers and suppliers. Many industrial manufacturers have been slow to adopt modern marketing practices and may only have a basic web presence. This current situation has revealed the importance of digital marketing. Websites are now crucial to clearly communicate a company’s message and value propositions. The website is a substitute for trade shows, product research, education, video demonstrations. Without the ability to meet face-to-face, customers that respond to outbound messaging, advertising, virtual events, and educational videos are all funneled back to the website. It is a key tool for engaging _____________ Continued on page 10